Reports over the past couple years have suggested sky-high U.S. carbon-dioxide emissions have been falling, but what about the global energy picture? A new report suggests its nothing to write home about.

Bank of America said this morning that its profit quadrupled last quarter compared with a year ago, though that was below expectations. Toymaker Mattel also reported a quadrupling of profit last quarter, helped in part by cost cutting. David Kelly, chief global strategist with JP Morgan Funds, explains what's got profits up.